Helen Brocklebank, CEO, Walpole: “Prior to the pandemic, the British luxury sector was in rude health with a value of £48bn to the UK economy and strong annual growth of nearly 10%. Very much a British success story, the sector supported more than 160,000 jobs throughout the UK. However, international visitors to the UK are a crucial revenue driver, and the last 11 months has put severe pressure on their businesses. On top of the pandemic, the eleventh hour Brexit deal has compounded the sector's problems, making chances of swift recovery for British luxury recede compared to their European counterparts. With 42% of all British luxury export sales coming from the EU, the costs and administrative burdens of trading in continental Europe mean many of our members, not least the SME's, have concluded they simply can’t afford to continue selling to those countries.
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